The global fortified edible oils market is poised for significant growth, projected to reach a valuation of US$ 16.4 billion by 2031, up from US$ 11.8 billion in 2022. This growth is expected to occur at a compound annual growth rate (CAGR) of 3.8% from 2023 to 2031. This upward trend can be attributed to various factors, including increasing health awareness, supportive government policies, and a rising demand for high-quality edible oils enriched with essential nutrients.

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Analyst Viewpoint

The rise in demand for fortified edible oils is largely driven by the implementation of policies aimed at improving public health and nutrition. Awareness regarding the health benefits of consuming fortified oils has significantly increased among consumers. These oils, enriched with omega-3 and omega-6 fatty acids, as well as vitamins A, D, and E, play a crucial role in maintaining overall health, especially for individuals with specific dietary needs.

As more consumers prioritize health and fitness, the demand for high-quality, nutritious edible oils continues to grow. Key players in the fortified edible oils market are leveraging modern technologies and innovative products to cater to this increased consumer demand, thereby enhancing their market revenue.

Market Introduction

Fortified edible oils are oils that have been enhanced with additional micronutrients, including essential fat-soluble vitamins. The primary aim of fortifying these oils is to boost their nutritional value, providing significant health benefits with minimal risk. According to the Food Safety and Standards Authority of India (FSSAI), fortified edible oils can help individuals meet 25-30% of their recommended dietary intake for vitamins A and D.

Key Drivers of Market Growth

1. Implementation of Various Policies

Government initiatives aimed at promoting fortified edible oils are crucial for market growth. For instance, the U.K. government allocated £2.9 million for the 'National Food Fortification Program' in Tanzania, mandating the fortification of essential foods, including edible oils. Such initiatives are expected to stimulate demand for fortified oils in developing regions.

In India, the National Agricultural Cooperative Marketing Federation (NAFED) introduced fortified rice bran oil to promote healthier lifestyles and reduce dependence on imported edible oils. These policy-driven initiatives are vital for enhancing the market value of fortified edible oils.

2. Increasing Consumer Awareness

As health concerns, such as obesity and cardiovascular diseases, continue to rise globally, consumers are becoming more conscious of their dietary choices. There is a significant shift towards processed edible oils that are both high-quality and nutritious. Fortified oils, which provide essential nutrients to those unable to maintain a balanced diet, are gaining popularity.

The segmentation of the edible oil market reveals that approximately 35% is raw oil, 60% is refined oil, and 5% is vanaspati. Notably, around 56% of domestic demand for edible oils is met through imports, with palm oil constituting about 54%. This scenario presents lucrative opportunities for vendors in the fortified edible oils market.

Regional Outlook

Leading Region: Asia Pacific

The Asia Pacific region currently holds the largest market share in the fortified edible oils sector. Factors such as a growing population, increased disposable incomes, and a shift towards healthier lifestyles are contributing to this trend. Governments in the region are promoting the use of fortified oils, further driving market growth.

For example, India launched the National Edible Oil Mission-Oil Palm (NMEO-OP) to achieve self-reliance in edible oil production. Additionally, the FSSAI has introduced regulations allowing higher levels of fortification in edible oils, permitting fortificants to fulfill 30-50% of the Recommended Dietary Allowance (RDA).

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Analysis of Key Players

Key players in the fortified edible oils market are investing heavily in modern production techniques, such as cold-pressing and refining technologies. Notable companies include:

• Bunge Limited
• Nestlé S.A.
• Conagra Brands, Inc.
• Adani Wilmar Limited
• Ruchi Soya Industries Ltd.
• Borges International Group
• Allanasons Private Limited
• Lam Soon Group
• Liberty Oil Mills
• King Rice Oil Group
• Samarth Oil Refinery

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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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